Choose the Correct Filing Status
Information form irs.gov It’s important to use the right filing status when you file your tax return. The status you choose can affect the amount of tax you owe for [...]
Could you save more by deducting state and local sales taxes?
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break [...]
File early to avoid tax identity theft
If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — [...]
Do you need to file a 2015 income tax return?
Information taken from IRS.gov Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for [...]
Protect Yourself from Identity Theft
Info courtesy of IRS.gov If you’re still keeping old tax returns and receipts stuffed in a shoe box stuck in the back of the closet, you might want to rethink [...]
2 extended credits can save businesses taxes on their 2015 returns
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits [...]
No changes to retirement plan contributions for 2016
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016: Type of limit 2016 limit Elective deferrals to 401(k), 403(b), 457(b)(2) [...]
Congress passes “extenders” legislation reviving expired tax breaks for 2015
Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the [...]
Happy Holidays
The Burns Firm, Ltd. wishes you a very Happy Holiday season.
PATH Act provides tax relief for 2015
On December 18, the Senate passed — and the President signed into law — the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which the House had passed [...]
7 last-minute tax-saving tips
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability — you just must act by December 31: Pay your [...]
Avoid a 50% penalty: Take retirement plan RMDs by December 31!
After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). [...]
Time to make 2015 annual exclusion gifts
Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in [...]
PTO contribution arrangements can help prevent the year-end vacation-time scramble!
From the Thanksgiving kick-off of the holiday season through December 31, many businesses find themselves short-staffed as employees take time off to spend with family and friends. But if you [...]
Save tax — or at least defer it — by carefully timing business income and expenses
The first step to smart timing is to project your business’s income and expenses for 2015 and 2016. With this information in hand, you can determine the best year-end timing [...]